Personal consumption of goods and services, described by the CSO as “an important measure of domestic economic activity”, was also down, with a reduction of 0.3pc.

However, many economists blamed the heavy snow for dampening activity, along with a natural post-Christmas reduction in spending, and said the bigger picture was of a fast-growing economy.

Irish Defence Forces cadets take part in the clean-up after the ‘Beast from the East’ (Niall Carson/PA)The Beast from the East brought unseasonal weather to the country. Photo: Fergal PhillipsEnjoying the snow in the Phoenix Park, Dublin. Photo: Colin Keegan, Collins Dublin.

GDP is also not seen as a particularly reliable indicator of Irish growth, because it includes activity by multi- nationals which does not always reflect what is happening on the ground.

Finance Minister Paschal Donohoe said he was not “at this point” concerned about the numbers, but he was “not taking anything for granted”.

“If I look at the trends that we’ve had in tax collection for this year, it all points to the growth targets that we had for this year being fully delivered,” he said.

The minister added that income tax receipts in particular were pointing towards growth expectations being met.

Despite the positive reception of the figures, analysts have also warned about the potential for external events – such as Brexit or the trade disputes involving the US – to have a negative impact on the Irish economy.

In a report on the eurozone issued yesterday, the International Monetary Fund (IMF) said Ireland would be the country hit hardest by Brexit.

It flagged a recent study that said Ireland was the only country in the EU facing Brexit exposure levels similar to UK regions.